The effectiveness of monetary policy and the political legitimacy of the Federal Reserve depend on monetary policymakers' ability to communicate with the public, which in turn depends in part on the news media. While the finance and economics literature has investigated select aspects of...

The Board of Governors staff and the Federal Open Market Committee both publish macroeconomic forecasts. Romer and Romer (2008) show that policymakers' attempts to add information to the staff forecasts are counterproductive. In more recent years, however, policymakers have improved upon staff...

Central banks emphasize the use of communication as a tool of monetary policy. As central banks increasingly recognize that low public informedness limits their ability to communicate with the general public, several have begun to explicitly tailor their communication strategies for a broader...